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We are not in the PS3/360 generation anymore. I believe they're both selling consoles with a good to decent margin.
Neither Sony or MS are are willing to start a price war and sell consoles at loss.
On one hand they don't want it since Sony is just recovering from their crisis and MS also recived some pressures for the losses of the xbox division some years ago. On the other hand they don't need it, since Sony is already winning by a good margin, and MS doesn't really need to be the top player in the console market anyway.